Latest news with #HOA
Yahoo
a day ago
- Business
- Yahoo
Airbnb ‘take over' now driving up Atlanta homeowners' costs — here's why insurance may be their next headache
When you think about what it might mean to live next door to an Airbnb, you might imagine lots of noise, a constant stream of strangers coming and going, and general chaos. But one thing you may not anticipate is the cost of your HOA fees rising. Residents of a downtown Atlanta condo building have been complaining about an influx of Airbnb renters since 2021. "The weed, the smoking, the drugs," resident Nicky Buggs told Channel 2 Action News (WSB-TV) about her concerns. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it But, those are not the only issues. Since Airbnbs took over the building, residents say they have seen their homeowners association (HOA) fees and utility bills increase. And understandably, they're not happy about it. The hidden cost of living among Airbnbs Living among Airbnbs is as unpleasant for these Atlanta residents as you might assume. 'I see females running up and down the halls with no clothes on,' resident Zeda Stanley Sartor told Channel 2 Action News. Since limited liability companies (LLCs) were reported to have turned a large number of units in the building into Airbnbs, there have been frequent parties and lots of noise. But residents' frustrations go beyond that. Not only have their HOA fees increased, but they say the floors with Airbnbs are the ones being prioritized for upgrades, while non-Airbnb floors are being deprioritized. That's not surprising since, at this point, residents say Airbnb owners control the HOA board. The HOA board told Channel 2 Action News that eventually, all floors in the building will get updated, acknowledging that renovations are sorely needed. 'We cannot do them all at once. It's a 21-floor building, can't be done,' board member Marsha DeQuiors said. But, condo owners aren't thrilled to suddenly see their HOA fees rising after staying the same since 2018. They're also not thrilled that since Airbnbs have moved in, their water bills have also risen — with leaks also becoming more of a problem. "We even looked at like, OK let's just meter each unit and make everybody responsible for their own water, and the building's not designed for that," board member Jamey Waters told Channel 2 Action News. Residents say they complained to state and local leaders, who pledged to place limits on Airbnbs. But, when Channel 2 Action News combed through records, it learned that just 11 of the dozens of units being used as Airbnbs had the required licenses to serve as short-term rentals. 'We can do some research on that,' DeQuiors responded when asked about that. The HOA plans to put cameras in hallways to keep track of what's going on in the building in hopes to stave off problems from Airbnb tenants. But, the board says that HOA fees must keep rising to keep the building running. Channel 2 Action News reached out to Atlanta City Council for an update on the Airbnb limits they've been asked to consider. Reporters were told that one ordinance was recently introduced, while another was still under consideration. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. The risk of Airbnbs Having Airbnbs take over a condo building is more than just a hassle for the people who live there. Not only can it lead to increased utility bills, but it could also lead to homeowners insurance premium hikes. There's inherent risk for insurers because short-term guests may be more likely to cause damage than residents. It's in the best interest of residents, for example, to maintain a smoke-free environment if the building's rules dictate that. There's little to stop an Airbnb tenant, who's staying for just two nights, to light up a cigarette — and worst case scenario, for that to start a fire. As such, the addition of Airbnbs could cause a building's insurance rates to rise — that is, if policies aren't canceled altogether. Provider Harris Insurance explains that short-term rentals can affect the availability of insurers willing to cover a given building, since insurers tend to view these arrangements as higher risk. It's also important to remember that homeowners policies don't just cover property damage. They also include liability coverage for incidents where residents or guests are injured on site. All it takes is for one Airbnb guest to get out of hand before someone gets hurt, or a series of people get hurt, costing insurers money. That's not something they want, so the easier route may be to cancel policies if hiking up premiums doesn't suffice. While it's easy to see the appeal of renting out condos on a short-term basis through platforms like Airbnb, the reality is that it can introduce a world of financial risk — both for the condo owners and the neighbors who live with a stream of revolving guests. What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
2 days ago
- Business
- Axios
Greater Boston's median single-family home price hits $1M
Greater Boston's housing market reached new heights last month, with the median price for a single-family home topping $1 million. Why it matters: The higher home prices climb, the less feasible homeownership becomes for Boston-area residents, housing advocates say. That problem is likely to worsen as Massachusetts fails to expand housing production — and with it, affordable housing options — to meet demand. Catch up quick: The Greater Boston Association of Realtors announced last week that the local housing market reached the $1 million milestone in June. "If you needed any more evidence that Greater Boston was one of the most desirable areas of the country to live, you just got it," Mark Triglione, president of the association, said in a news release. The median price for a condo was $725,000 in June, down 3.3% from May and the previous year. Zoom in: Median single-family home prices had been ticking toward seven digits since April, even as more homes stayed on the market longer, per the GBAR. Some homebuyers believed they'd see prices drop as a result, "but the data and buying behavior continues to defy that notion," Triglione said. Reality check: A family would need a down payment of $200,000 to buy a home without paying extra for private mortgage insurance, and that doesn't take into account the extra costs tacked on, including closing costs, HOA fees, utility bills and expenses for repairs. For many Boston-area residents, that price is out of reach. The city's median household income in 2023 was $94,755, per census data. Meanwhile, half of tenants spend more than 30% of their monthly income on rent (one-fourth spend more than half). What they're saying: That $1 million mark suggests that "Boston is no longer for the people we serve," Symone Crawford, executive director of the Massachusetts Affordable Homeownership Alliance, tells Axios. "We're being pushed out." Other housing advocates point to the increase in corporations buying homes and a lack of foreclosure protections and other homeowner and rental protections as factors driving housing costs — in addition to the supply crunch. A 2023 Metropolitan Area Planning Council report shows 21% of residential properties sold between 2004 and 2018 were bought by an investor. Homes for All Massachusetts, City Life/Vida Urbana and other groups are working with community land trusts to buy more homes to make them permanently affordable, says Carolyn Chou, Homes for All Massachusetts' executive director. The other side: Dino Confalone, a real estate agent with Gibson Sotheby's International Realty, says it all comes down to supply.
Time Business News
3 days ago
- Business
- Time Business News
Why Sell Divorce Property Fast for Financial & Emotional Wellbeing.
Divorce is not just emotionally draining. It also introduces financial complications, especially when there is a property involved. In Texas, thankfully, divorces are comparatively lower at 1.9 out of 1000, which is much lower than the national average. But that is only a statistic; on a fundamental and individual level, the impact can be cataclysmic. A divorce is more than the dissolution of marriage; it has far-reaching effects on the estranged couples, their children, and their families. Apart from the obvious emotional devastation for all parties involved, finances are heavily impacted as well. Incomes may drop by 50%, and many families move into poverty post-divorce finalization, which can cost an average of $15,000. The solution is to cut ties, and manage assets, wherever possible. If there is property, a quick sale promises to bring emotional closure as well as financial relief to many couples. But that's easier said than done. Jointly owned property itself can become a contentious point, especially if it has a higher value, or there is pre-existing bitterness. Your property can turn into a major pain point during divorce. Here are the reasons. It can be challenging to decide what to do with a property after divorce. This happens due to joint ownership. Disagreement may arise about selling or keeping. Division of proceeds and property valuation can also be sources of conflict. Property tends to hold emotional values due to marital significance and cherished memories. This emotional attachment can be the reason behind both spouses not wanting to let it go. This leads to disagreements and delays. Property division becomes particularly complex if there are financial obligations like loans and mortgages involved. There can also be disputes over financial contributions and ownership. So, it's better to sell a divorce property fast. Property is valued as a symbol of the past by many. It can be the symbol of a past relationship. It can be the place where kids were born. This makes it emotionally challenging to divide a property or sell it. Suppose a couple has agreed to sell their property. However, there can still be delays due to downturns in the real estate market. You may not find a seller wanting to purchase the property for the desired price. You may also face delays if it takes longer to find a buyer in general. Property sales in Houston require navigating a competitive market. You must also follow specific regulations to sell houses in Houston. Successful sales depend on understanding the market trends. A legal requirement is to disclose known defects. You must also adhere to the rules of the Homeowners Association (HOA). You will also have to make sure that there are no instances of discrimination that violate Fair Housing laws. Finally, remember that inventory is growing and prices are going down currently in the Houston real estate market. There has been a fall of 0.7% in the average sales price. Let's look at the financial benefits if you sell divorce property fast. Selling a house will help you turn your asset into cash. This will help you arrange immediate funds for a number of purposes. You will have funds for living expenses and legal fees. You will also be able to pay for other financial obligations involved during divorce. Selling your house can help you eliminate the burden of mortgage payments. You can pay off any outstanding loan amounts with the proceeds from your property sale. You will also be able to avoid the ongoing costs related to insurance and property tax. You will also be able to free yourself from the cost of maintenance. You can sell your house in Houston in as-is condition. This will help you avoid the need for staging and repairs. It means you don't have to spend time, money, and energy getting your property ready for sale. Buyers will purchase your property in the exact condition it is in. Here are the emotional benefits of selling a house quickly during divorce. Your property can be an emotional wound during divorce. So, it is best to address this issue as quickly as possible. It will speed up your healing journey and prevent emotional distress. It is common for individuals to dwell on negative emotions during divorce. Selling your home quickly can help you reduce the time spent on negative emotions. It will reduce emotional attachment and help you let go of the past. This also helps reduce uncertainty and associated anxiety. Legal conflicts and property-related disputes can amplify the emotional toll faced during divorce. Then there is also the distress related to involvement in legal proceedings. So, selling your property quickly during divorce can help you avoid the drama. Here is an overview of the different types of property buyers you will find in Houston. Method Pros Cons Cash Home Buyers . Quick sale . As-is sale . No commission . Lower buying price offer than the market value iBuyers . Fast digital offers . Quick closing . Available only in certain areas Auction Sales . Quick public sale . Competitive bidding . May fail to extract the desired price. Wholesale Investors . Direct selling . Convenient selling . Seed of sales prioritized over maximum price. Table 1: Overview of quick property buyers in Houston Here are the aspects you should look for to ensure that the buyer is trusted. Check if the buyer has a local presence in Houston. It will ensure that they have knowledge of the city's legal processes. Check if the market assessment methods of the buyer are fair. You need to go with the buyers on transparent terms. Check if the buying body has experience dealing with divorce-related property sales. It will ensure that the buying party can help you avoid legal disputes with your spouse. Check if the buying party acts as a promise. Verify if the buyer has the habit of revealing hidden fees or commissions. Verify if the buyer is known for causing delays. Selling divorce property fast can be emotional relief as well as financial freedom. You can focus on handling instead of haggling by selling property. The process becomes easy, from seeking closure and splitting assets. Are you someone going through a divorce and wants to sell your property in Houston? Reach out to quick home buying companies for no-obligation cash offers. TIME BUSINESS NEWS
Yahoo
4 days ago
- Yahoo
Florida women face jail, legal debt and foreclosure after minor HOA violations — has their HOA gone too far?
Just days after a Florida woman spent a week behind bars over a dispute with her homeowners association (HOA), she's now at risk of losing her home altogether. And she's not alone. Irena Green, who was jailed for seven days over seemingly minor infractions like dry grass, a dented garage door, and a dirty mailbox, is now facing foreclosure from her HOA. Her story, which began as a lawn care complaint in the Creek View neighborhood near Tampa, has ignited widespread outrage over how far HOAs can go. But now, other Creek View residents are coming forward, claiming they too are being targeted and overwhelmed, not by unpaid mortgages, but by mounting HOA legal fees. 'I said what foreclosure?' Homeowner Shonia Cruz Munoz said to local outlet ABC Action News, who says she was blindsided by a lawsuit over the color of her home's paint. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it A growing number of HOA battles — and rising legal bills At the heart of the dispute is how Creek View's HOA board has enforced its 67 pages of rules and regulations covering everything from trash bins to lawn care. Homeowners say the HOA has outsourced enforcement to a property manager and a law firm that are relentless in cracking down on even the smallest violations. Green's case began with notices about her lawn. Then came complaints about a commercial van in her driveway. She tried to address the issues but missed a court date she says she was never properly notified about, and ended up in jail for contempt of court. Now, she's facing foreclosure over unpaid HOA dues and, more critically, legal fees. A February court filing showed Green owed $12,295, with $9,400 of that being attorney fees. On top of that, she still owes $3,300 in a separate HOA case. 'They locked me out of the account. I was reaching out to them' Green said, adding that she'd lost her job while caring for her sick mother. Neighbor Shonia Cruz's story follows a similar arc: a dispute over faded paint escalated into a legal battle, even after she repainted her home and tried to follow instructions. She claims to have painted her house three times since 2015. 'Nobody paints their house that many times.' Eventually, Shonia agreed to a settlement, paying off thousands in legal fees in monthly installments to avoid foreclosure. And it's not just them. Other neighbors say they've received citations for toy wagons left outside, mildew on mailboxes, and sod that wasn't green enough — sometimes served on weekends or with barely any time to respond. 'He would ride through here really slow in his truck. He had his clipboard in his lap,' one neighbor said of the property manager. 'If he was going to write you up, he'd stop in front of your house.' Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. What can you do if your HOA goes too far? Homeowners associations can offer structure and protect property values, but they can also carry significant risks. When disputes escalate, they can lead to court appearances, liens and even foreclosure. Here's how to protect yourself before you end up in a similar situation: 1. Read the HOA bylaws thoroughly Before buying in a community with an HOA, get a copy of the CC&Rs (Covenants, Conditions & Restrictions). Understand what's allowed, what's not, and how fines, violations, and legal actions are handled. 2. Document everything If you're cited for a violation, take photos and keep detailed notes. Save every notice, email, and communication with the HOA or its property manager. This can be crucial if you end up in court. 3. Don't ignore court dates Green's jail time stemmed from missing a court hearing. Whether you agree with the violation or not, never miss a court date. Hire legal help if needed, even a short consultation can help you navigate the process and avoid bigger problems. 4. Watch out for legal fees HOAs often pass legal fees onto the homeowner, and those costs can spiral quickly. If your HOA hires a third-party law firm, even small matters can rack up thousands of dollars in legal costs. Consider negotiating a settlement early before things escalate. 5. Know your rights and when to fight back 'If the board is really handing the keys to the property manager, that's when problems start,' said attorney David Lehr, who represents homeowners in HOA disputes. Residents may have recourse through mediation, state complaint processes, or civil suits, but acting early is key. Bottom line HOAs can play a helpful role in community upkeep, but they can also act with surprising power, especially when enforcement is outsourced and unchecked. As Green's case shows, it doesn't take much for a lawn violation to snowball into legal trouble and financial distress. 'If they decide that you need to do something, you need to follow the rules,' said Paul Boudreaux, a professor at Stetson Law School. 'And when a judge tells you to do something, you have to do it.' For anyone living in an HOA community, or thinking of buying into one, it's worth remembering: the fine print can cost you more than you think. What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
4 days ago
- General
- Yahoo
Homeowner stunned after discovering dangerous issue with recent HOA project: 'The bedroom can't be used'
A homeowner posted photos on Reddit of a window in their home that their HOA blocked when it installed a rain gutter during an exterior refurbishment project. The homeowner was unable to open the window and expressed safety concerns. "The bedroom can't be used," they said in their original post. The original poster reported that two different subcontractors who were hired did not communicate properly, thus blocking the outward-opening window. The homeowner attempted to work with their HOA to resolve the issue, but the HOA was not being cooperative and stated it could not move the gutter, so the OP expressed plans to contact the fire department since they believe it to be a fire code violation. HOAs are frequently complained about with regard to being overly controlling or neglecting homeowner needs, such as this incident. Sometimes, HOA oversight or neglect can affect homeowners by increasing utility bills, worsening their quality of life, destroying property or yards, or putting their safety at risk, as in the case of the OP. All of this can have environmental consequences in the form of wasted resources, excessive pollution, or impact on wildlife and the balance of local ecosystems. HOAs have also been known to prevent homeowners from making eco-friendly changes to their homes or yards, such as installing solar panels, allowing the charging of electric vehicles, and growing native plants. HOA issues can often be difficult to resolve, so TCD offers an HOA guide as a resource to learn how you might change established rules, particularly as they pertain to eco-friendly home modifications. Some homeowners have successfully battled their HOAs to make environmentally friendly updates to their homes. The OP said they are trying to be understanding about their window being blocked but that, as time passes, it is becoming more difficult to do so, as they don't feel safe using the room without access to an emergency escape. Fellow Redditors shared in the frustration and offered suggestions on how to handle the issue. "Remove the gutter and tell them to fix the issue," one commenter declared. "If they c(o)me after you then you did it for your safety and fire code." "HOAs shouldn't exist to the degree that they do," another shared. "You should … know your rights to be able to push back when they … cross legal lines," one supportive Redditor said. Should homeowners associations be able to determine what you grow in your garden? Yes Only if it impacts your neighbors Depends on what you're growing Heck no Click your choice to see results and speak your mind. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
